Portugal CTT to launch express mail service on Iberian Peninsula
Portugal’s postal operator CTT-Correios de Portugal will launch as of October 1, 2005 its express mail service on the whole Iberian Peninsula, it was reported on September 21, 2005.
Tourline Express will be the company responsible for CTT’s express mail services in Spain. CTT acquired Tourline Express for 28.5 mln euro ($34.6 mln) in June 2005. According to CTT’s chairman, Luis Nazare, the acquisition of Tourline Express was the first step in the process of integration of all CTT’s operations in the segment of the express mail deliveries on the Iberian Peninsula market.
The Tourline Express acquisition was also part of CTT’s strategy project for expansion on the international market in the next few years. CTT’s electronic bill payment services Payshop has already started expansion on the markets in the Portuguese-speaking African countries (PALOP), as well as in the East European countries, namely in Romania.
[Editor’s note: CTT registered a profit of 50.1 mln euro ($60.9 mln) from its activities in 2004, up 96.2 pct year-on-year, the Portuguese News Digest reported on March 4, 2005. The profit rose mainly due to the 2.5 pct year-on-year increase in its revenue to a total 707 mln euro ($859.1 mln) in 2004.]
[Alternative/Original name: Paises Africanos de Lingua Oficial Portuguesa (PALOP)]
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Source: Jornal de Negocios, AII Data Processing Ltd.